Objection to Resolution Plan submitted - categorization of the ...

Tribunal Supports Homebuyer Classification and Validates NOC Requirement; Resolution Plan Approval Unchallenged.

March 27, 2024

Case Laws Insolvency and Bankruptcy AT

Objection to Resolution Plan submitted - categorization of the Appellant as ‘affected’ homebuyer - The Tribunal upheld the classification of homebuyers into 'affected' and 'unaffected' categories, agreeing with the rationale and justification provided for the different treatment of these groups. It also referenced its previous judgment affirming this classification. - The Tribunal found that the requirement for an NOC from LICHFL was valid and necessary. - The NCLAT noted the overwhelming approval of the Resolution Plan by the Committee of Creditors (CoC), including the majority of homebuyers, and found no grounds to challenge the Plan's approval.

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Objection to Resolution Plan submitted - categorization of the ...

Tribunal Supports Homebuyer Classification and Validates NOC Requirement; Resolution Plan Approval Unchallenged.

March 27, 2024

Case Laws Insolvency and Bankruptcy AT

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